The Central Bank of Cuba decided to temporarily suspend, as of June 21st of this year, all deposits with dollars in cash in the entire banking network of the Caribbean nation. It will affect natural persons, nationals or foreigners and legal entities.
The measure was recently issued by representatives of the state financial institution, indicating that they would be “accepting US dollar cash bills only until June 20.” Subsequently, citizens will be able to make deposits in “other international currencies, preferably euros or through transfers.”
The financial entity argued that the suspension is due to the United States’ economic blockade of the island and financial persecution, limiting the financial system because they cannot freely dispose of funds denominated in dollars. They consider the decision as a “measure to defend the national economy.”
The president of Cuba, Miguel Díaz-Canel, also made reference to the suspension of deposits, indicating that it is a “brutal financial persecution of the blockade”. An economic order began in Cuba 6 months ago that has generated a devaluation of the local currency, inflation and an increase in the circulation of the dollar in the informal market.
The provision will also impact foreigners who visit the country, once the decision takes effect, who will have to exchange currencies before arriving on the Caribbean island.